(If you've read my posts over the years, you know I am not a rah-rah REALTOR(R) that always says "the market is great, buy now!" I base my opinions on facts. That's why this post will be interesting.)
We are absolutely on the way back.
Jobs in Philadelphia are stable. There is more hiring than firing.
The two elements of supposedly low real estate prices and ridiculously low interest rates are the first seed but the facts that rents have gone up and that people feel comfortable with their jobs is what is pushing them to actually look.
Now, most people that want to find a job can find something or they are inventing jobs by creating their own websites, etc. This changed the paradigm from people being stymied in their shoes, scared to death, gloom and doom reverberating through their heads. There is no double-dip coming to this area.
So, people are putting not just their toes, but their whole foot into looking.
There are places like Graduate Hospital where prices have been going up a lot and surprises for some buyers because Sellers will not take their low ball offers.
As for mortgages, yes, if you have bad credit or can't verify your income, then you will still have issues getting a loan.
Although the mortgage companies ask for many insulting or ridiculous items, deals are going through. The appraisal issues are case-by-case but the lenders are being pushed to get better quality from the appraisals because of pressure from the industry, the public and courts.
People like trends, being part of the in-crowd, following those that lead. This is the time. If I am wrong, tell me what you want me to do to make amends!
